I won't keep you in suspense. The average 69-year-old retired worker gets $1,945.18 per month from their Social Security benefits.
This is an overall average of the roughly 2.9 million people who collect Social Security retirement benefits who are 69 years old now. It isn't just those who started collecting benefits at this age. Therefore, it includes a mix of people who claimed Social Security early, at full retirement age, and who waited until after full retirement age to start their benefits.
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How much more will you get if you wait until 69?
Waiting to start collecting Social Security can have a big impact on your financial security in retirement. And since Social Security is the only inflation-protected income source that most retirees have, it's important to consider your claiming age very carefully.
For context, the average 69-year-old who has delayed retirement credit gets $2,576 per month -- more than $600 greater than the average retired worker of the same age. This includes every retiree collecting benefits who waited until after their full retirement age to start taking Social Security who happens to be 69 years old right now.
Of course, the numbers discussed here are averages, and your benefit (and the impact of delayed retirement) could be significantly different. Your primary insurance amount (PIA) is your Social Security benefit at full retirement age, and it depends on your inflation-adjusted earnings throughout your working life. And this amount is adjusted upward at a rate of 8% per year for waiting beyond full retirement age, up to a maximum of 24% at age 70.
The best way to see how much your Social Security benefit would be at age 69 is to log in to your account at www.ssa.gov (or create one if you haven't yet) and view your latest Social Security statement. Here you'll find an estimate for various ages based on your actual work record.
